EY has been recognised as the top CPA firm at the US Captive Awards in Vermont.

In winning the award, the judges said they were “impressed with EY’s significant uptick in its captive focus during the past 12 months and the investment it has made in its captive services team, as well as its strong global capabilities to serve some of the largest captive clients in the US”.

The judges said EY also provided an example of its work with a large client in restructuring its global reinsurance arrangements to save $9 million a year.

Peter Cangany, Ernest & Young’s senior partner in Bermuda, was delighted by the news and praised the dedication of the professionals working for the company. Calling it a “significant award”, Mr Cangany said it also reflected EY’s growth in the captive industry.

“We have increased the number of specialists dedicated to serving the industry, so it is nice recognition of the efforts we have put in during the last few years.”

Mr Cangany said the EY team, those in Bermuda and elsewhere in the company’s global operations, had pointed the company in the right direction concerning captives.

He said Bermuda had proven to be highly attractive to the captive industry for a number of reasons.

“We have a very good regulator here, they are practical and have the ability to create a business environment that is welcoming,” he said.

“And Bermuda has the infrastructure to support insurance captives here — the underwriters, administrators, specialists, actuaries and accountants.”

At the awards evening, which was held total at the Hilton Burlington, a total of 32 awards were handed out, including one to Bermuda as top offshore captive domicile.